Mubasher: United Projects Company for Aviation Services (UPAC) has decided to exempt some tenants in the company's Discovery Center from rent fees due to the current economic crisis and its negative consequences on small and medium-sized enterprises (SMEs).
In this regard, UPAC expects the revenues of the Discovery project to contract by a value ranging from KWD 300,000 to KWD 400,000, according to a stock exchange statement on Thursday.
The general negative impact of the coronavirus (COVID-19) pandemic on the company’s financial position cannot be determined in the present time.
It is worth pinpointing that in fiscal year (FY) 2019, UPAC’s profits dropped by 3.9% to KWD 9.33 million as compared to KWD 9.7 million in 2018.
